Pakistan is set to sign a $2 billion investment deal with a European shipping company by October, according to Maritime Affairs Minister Qaiser Ahmed Sheikh.
This announcement follows a visit from AP Moller–Maersk’s CEO Keith Svendsen, who met with Pakistani officials to explore maritime sector opportunities.
In a statement, Minister Sheikh mentioned that the European company plans to invest in logistics and infrastructure at the Karachi Port Trust (KPT). “A well-known European company has shown interest in investing $2 billion in Karachi Port Trust,” Sheikh said, without disclosing the company’s name. “The company is expected to sign the memorandum of understanding by October.”
Additionally, the European firm aims to establish a shipbreaking project in Pakistan, with plans to dismantle 750 ships and train local youth.
Earlier this month, Sheikh said that Danish shipping giant Maersk was interested in investing in a terminal and related infrastructure in Pakistan. “We had very good discussions with them, and they showed eagerness to submit a proposal soon,” he said on May 7. “They want to take a terminal. There is some area where there is depth in the sea, where big ships can be anchored.”
Maersk has become a leading logistics and supply-chain provider in Pakistan, holding around 20 percent of the market share in containerized import-export activities. In January, the company announced new smart logistics and warehouse facilities in China, Norway, and Pakistan.
“With a vast network of warehousing and depot facilities across the country, including our flagship logistics hub in Port Qasim, Karachi — a sprawling 27-acre complex encompassing over 650,000 square feet of warehouse space — we ensure unparalleled support to Pakistani exporters and importers,” Maersk said. “In total, Maersk now operates over a 1.5 million square feet footprint across seven cities in Pakistan.”
Pakistan has also signed an agreement with Abu Dhabi Ports Group, which is investing about $395 million to develop a container and cargo terminal under a government-to-government (G2G) agreement between the UAE and Pakistan.
